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Bookkeeping and accounting will provide you a comprehensive picture of your business performance and standing which will allow you to formulate a business plan to improve every aspect of your business and will enable you to have well-balanced decisions.
Choosing the appropriate accounting system is vital because this software will empower you, as business owners, to have a clear view of the condition of your business.
We recommend Quickbooks Online because there are many benefits using it like accessibility, ease of sharing real time reports, automated sending of invoices & statements, minimizes the need to create backups because we don’t need a server, and many more.
Quickbooks Plus, Xero, Freshbooks and Wave Accounting are the options for startup companies but among these software, we highly recommend using QBO Plus because it can be easily upgraded to QBO Advanced which is perfect for growing and scaling businesses.
Normally, based on our experience, it usually takes 2 to 4 weeks depending on the range period and complexity of accounting its business transactions and how fast you can provide required access and documents.
For special scenarios like having years of accounting backlogs, it could extend from 1 to 3 months of catch up and clean up process.
Considering all required documents are complete and readily available, the ideal estimated time of waiting for reports is within 5 days after the end date of the subject month. For initial engagement, we usually request up to 15 – 25 days to understand the business and processes and create subtasks to complete one full month process. We are targeting to improve the process that will capture all accounting aspects of the business dealings. Then after 2 – 3 months, we will significantly decrease the lead time to finalize reports from 15 – 25 days to 5 days.
Most of the time, our clients seek help to interpret the standard financial reports upon presenting it to them and we provide that for free.
There are also some scenarios when we have to engage more time to do some research and to prepare these special management reports and analysis they need. In these cases, we will automatically create additional special engagement and let them know before we start working on it so clients are aware of the additional charges related to it.
We will dedicate 2 – 3 people to handle the books of your company and one of them will be your contact person. It is seldom that we will assign different contact persons every month. Normally after 3 or 6 months, we will review the engagement to check whether there is a need to change people handling the engagement due to significant familiarity threat involved.
Aside from that, it will be very seldom to change assigned associates every now and then.
At the beginning of the engagement to handle your books, we will provide you with access to our project management system where you can drop the required documents. This project management system will serve as our file sharing platform and chat communication platform aside from email. You, our admin and the assigned associates will be the only people who could access the reports within the related projects. It is your duty to secure the access we will provide you.
Together with the project management system, we will also provide you a report from our time management system so you can see the progress of the project engagement. The associate in charge will drop this report to the project management system every end of the week for your reference.